According to the monitoring of the commodity market analysis system of SunSirs, the prices of softwood pulp and hardwood pulp have both shown a downward trend this week. On August 8th, the average market price of softwood pulp in Shandong Province was 5,883.33 RMB/ton, a decrease of 0.28% compared to the average price on August 1st. On August 8th, the average market price of hardwood pulp in Shandong Province was 4,100 RMB/ton, a decrease of 0.57% compared to the average price on August 1st.

On the supply side: Currently, there is an excess of spot liquidity in the market, and the high supply pressure remains unresolved. Port inventories are still under high pressure. As of August 7, 2025, the sample inventory of mainstream pulp ports in China was 2.048 million tons, a decrease of 2.7% compared to the previous period when 57,000 tons were destocked. Although the destocking trend was observed, the port inventory remained at a relatively high level, and the spot market had abundant circulation of goods. The situation of loose supply has not changed.

In terms of demand: The current market demand remains sluggish, market sentiment is weak, and the overall raw paper pulp consumption has not significantly increased. The weak purchasing mentality has dragged down the sentiment of the pulp market. In addition, the lack of demand side repair momentum and sluggish operation of the raw paper market have limited support for the pulp market, with downstream only maintaining light demand.

In terms of futures: Recently, pulp futures prices have been fluctuating with ups and downs. As of August 11th, the opening price of the main contract sp2511 for pulp futures on the Shanghai Futures Exchange was 5,198 RMB/ton, the closing price was 5,246 RMB/ton, and the highest price was 5,254 RMB/ton, with a daily increase of 0.81%. The trading volume was 165,900 lots, and the position held was 146,919 lots.

The wood pulp analyst from SunSirs believes that the current market supply and demand fundamentals are deadlocked and difficult to change. The pulp market is fluctuating and adjusting, and the sentiment of spot prices is average. However, the mainstream external market price has risen by $20, which has a certain support effect on the future market. Short term wood pulp prices are expected to maintain a narrow range of adjustments.

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